Update on 2500 Nosnibor
Long time blog readers know that I first noticed this new luxury Craftsman home listed late October 2005, with the asking price at the time $1,290,000. (I am not aware of any earlier listing or higher asking price prior to this.) It went through many relistings. In June it was relisted at $1,149,000, a reduction of over 10%. The home has finally sold in September 2006 at a price of $1,015,000. That's a sale price 21% below the October 2005 asking price. And I wonder if the seller had to make additional concessions.
Let's remember that. 11 months to sell, 21% haircut off of original asking price, in zip code 90278.
posted by bearmaster at 8:06 AM
3 Comments:
I can't believe there weren't more offers, it having such a nice view of the massive power lines and all.
Yeah, the power lines are ugly and they scare people, although the green strip they are on is nice.
Bearmaster,
11 months will seem ok in a year. :(
Everything I'm hearing from my banking friends says the end is almost here on some of the exotic loans. The bond buyers... have grown afraid of the risk. Without option ARMs, the upgrade market will stall. If the upgrade market stalls... Inventory will shoot up pretty quickly.
Great information. Me and my fiance' love to track the homes you follow.
Neil
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